This week’s news was dominated by the crypto meltdown, or more specifically, the rapid demise of stablecoin TerraUSD and its paired token Luna, that impacted the entire market. Also making news was a Coinbase regulatory filing, Tiger Global has been a big loser this year, Chainalysis closed another big round and more. Here are what I consider to be the top ten fintech news stories of the past week.
Chainalysis Raises $170M at $8.6B Valuation from CoinDesk – During the tumult of this week’s crypto meltdown, Chainalysis revealed it had raised $170 million in new funding at an $8.6 billion valuation. Chainalysis is the leader in investigatory crypto tools, a niche that is exploding in popularity as governments and private companies look to track illicit crypto flows.
FTX Founder Sam Bankman-Fried Buys 7.6% Stake in Robinhood from The Wall Street Journal – The billionaire founder of FTX, Sam Bankman-Fried, has invested around $648 million for a 7.6% stake in Robinhood which would make him the trading app’s number three shareholder. Shares jumped 25% on Friday as the market digested this news.
How Higher Interest Rates May Upend The Fintech Business Model from Forbes – All digital banks today have come of age in an environment of zero interest rates. As that changes will traditional banks have an advantage over their digital counterparts given they have been through rising interest rate environments in the past?
Every Thursday afternoon, the LendIt Fintech News team and a special guest discuss the news of the week live on LendIt TV, YouTube, LinkedIn, and Twitter. We have now made the show available in podcast format – click on the audio player below.
Peter Renton is the chairman and co-founder of Fintech Nexus, the world’s first and largest digital media and events company focused on fintech. Peter has been writing about fintech since 2010 and he is the author and creator of the Fintech One-on-One Podcast, the first and longest-running fintech interview series. Peter has been interviewed by the Wall Street Journal, Bloomberg, The New York Times, CNBC, CNN, Fortune, NPR, Fox Business News, the Financial Times, and dozens of other publications.